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Asian Stocks Rebound From Losing Streak as Bonds Hit Record High

Stock markets in Asia rose on Tuesday to bring an end to an eight-day losing streak. This recovery was spurred by recovering Chinese shares. Benchmark 10-year Treasury yields climbed 2.5 basis points to hit 4.366%; the highest level since 2007. This 16-year peak marks a 40 basis point rise from the start of August.

MSCI’s broad index of Asia-Pacific shares outside Japan advanced 0.9% during the course of the day, with Hong Kong’s Hang Seng index gaining 1.3% as Chinese shares embark on the road to recovery. Japan’s Nikkei Index rose 0.9%. European stock futures gained 0.6% while futures on London’s FTSE edged 0.3% higher.

The Chinese yuan stabilized around 7.2845 to the dollar, with the yen rising 0.2% against the dollar to 145.95 following a meeting between the Bank of Japan chief Kazuo Ueda and the Prime Minister.

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